Leslau sells

Leslau’s Prestbury Investment Holdings has sold seven properties to Hermes, ten days after the fund manager expressed an interest. The price of £263m reflects a net initial yield of 6.5%.

The portfolio mainly comprises office buildings in the south-east, four of which are in London&acute;s West End and included the 145,000 sq ft Holborn Gate, 330 High Holborn, London WC1; MacMillan House, 98 Kensington High Street, London, W8 ; 8-14 Bedford Street and 66-68 Chandos Place, London WC2 and 3-5 Burlington Gardens, London W1.

Hermes also acquired two business parks; Hampshire Corporate Park in Chandler&acute;s Ford and Norreys Park, in Maidenhead. The portfolio also includes a retail element of 32 shops on Stevenage High Street.

Rupert Clarke, Hermes Head of Property, commented: 'The transaction was challenging in the extremely competitive portfolio sector.' He said that the acquisition would give Hermes&acute; portfolio the West End element that it had been seeking.

Prestbury was represented by Franc Warwick while King Sturge acted for Hermes.